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            <p>The report includes eight graphs which are listed below, aimed
                at illustrating industry trading patterns. All the companies who
                are filing sufficient data are featured using the most recently
                filed data.<br />
                <br />
  For example take the Industry Cash Flow graph. A value is calculated for each
  company which shows whether the company is likely to be able to sustain growth
  or whether it is overtrading. Since all the companies that file sufficient data
  are illustrated the graph shows good performance and bad performance in this
  respect. Similarly the Industry Productivity graph would show good and bad performance.
  Graphs showing the variation of a measure with Return on Capital Employed (ROCE)
  are drawn to illustrate good and bad industry practice. The companies are ranged
  in order of decreasing ROCE from left to right and the values of for example
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  fact that all companies with good financial returns (high ROCE) have consistently
  high Current Ratios.<br />
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          <td width="20">&nbsp;</td>
          <td width="249"><span class="boldGreen">Industry Cash Flow Value -</span> a measure of the relationship between
            the growth of the company and the operating cash flow. To continue
            growing without additional funding a company must be careful not
            to overtrade. The graph shows companies with better than average
            chances of continued growth without external funds and those with
            worse than average chances of growth.</td>
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          <td>&nbsp;</td>
          <td><span class="boldGreen">Industry Credit Policy Value -</span> the relationship between credit
            given and credit taken within the industry. In some industries more
            credit is taken by companies than given (e.g. Supermarkets). This
            means the suppliers will be financing the expansion of supermarkets.
            In other industries companies need to give extended credit terms
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          <td><span class="boldGreen">Variation of Debt Ratio &amp; Return on Capital Employed -</span> since
            the companies have been ranked by return on capital employed from
            left to right (A has higher ROCE than B etc.) the graph will show
            if the more successful firms in financial terms have high or low
            debt ratios. In terms of taxation it makes sense for a firm to carry
            debt but after a certain point this advantage is outweighed by increased
            risk. The graph above would show that the more successful firms tend
            to have lower debt ratios of about 0.5.</td>
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          <td><span class="boldGreen">Variation of Stock Turnover &amp; Return on Capital Employed -</span>            stock turnover is a measure of the efficiency with which a firm manages
            its inventories. Since the firms are again ranked in decreasing return
            on capital employed the moving average above would show that the
            more successful firms tend to have higher stock turnover levels.
            It might be possible for the reverse to be true in a particular industry
            for example if availability was a key part of customer decision making.</td>
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          <td><span class="boldGreen">Variation of Fixed Asset Turnover with
              Return on Capital Employed -</span> in certain industries the fixed assets are unimportant to the returns
            the company is making. Service industries for example will not tend
            to have clear relationships of this kind and the graph above might
            illustrate this result. Other industries such as Hotels for example
            will have very different profiles and there might well be an observable
            relationship between successful financial performance (companies
            with a higher ROCE) and fixed assets turnover which is a measure
            of the efficiency of fixed asset utilisation.</td>
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          <td>&nbsp;</td>
          <td><span class="boldGreen">Variation of Credit Policy with Return
              on Capital Employed -</span> credit
            policy is the ratio of days credit taken from suppliers to days credit
            given to customers. The above graph would show a relationship suggesting
            the best performing companies have a lower credit policy ratio than
            those with lower values of ROCE. An explanation might be that the
            companies are getting discounts for paying bills early which increases
            their average margins or that the grant of longer average credit
            terms encourage more customers. This information is useful in managing
            debtors and creditors to the companies best advantage.</td>
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          <td>&nbsp;</td>
          <td><span class="boldGreen">Industry Productivity -</span> in many cases labour costs are a major
            element of total cost. If productivity has increased then the company
            is becoming more competitive since the same output can be generated
            using fewer inputs of labour. The graph shows the change in productivity
            in the firm's most recent year and compares this to the industry
            average.</td>
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          <td>&nbsp;</td>
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          <td>&nbsp;</td>
          <td><span class="boldGreen">Variation of Current Ratio & Return on Capital Employed -</span> the companies
            are ranked by ROCE with company A having higher ROCE than company
            B etc. The moving average line is calculated and it shows in the
            example above that the companies with better financial performance
            (higher ROCE) have higher values of Current Ratio on average. This
            information could be used in determining financial targets when drawing
            up a new business plan.</td>
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          <td>&nbsp;</td>
          <td>&nbsp;</td>
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          <td colspan="3">We calculate averages for a five year period since
            companies do not have the same yearend. Each company page shows the
            latest four years on record for that particular company and the relevant
            four years of industry average benchmark. </td>
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